Following the successful financing of the project and the involvement of external stakeholders contributing both capital and in-kind support, an SMR vendor developing a floating reactor technology needed to define an optimal project structure capable of aligning risks, incentives, and operational responsibilities. The structure also needed to be scalable and adaptable — suitable not only for the FOAK deployment, but also for future projects and expansion into other regions involving different sets of investors and partners.

Damona supported the client in identifying the optimal multi-SPV structure, with a particular focus on execution and operational considerations, complementing the legal structuring work performed by external counsel. The client was seeking a structured and auditable decision-making framework based on quantitative criteria, allowing future traceability and governance over strategic decisions.

A central component of the engagement was the facilitation and moderation of a strategic workshop with the executive board of the SMR vendor.

To support this objective, Damona delivered the following activities:

• Scenario definition: Development of multiple SPV structuring scenarios involving the relevant stakeholders, allocation of responsibilities, and alignment of incentives across projects and regions.
• Scenario scoring: Quantitative assessment framework based on key project dimensions, including financing, operational execution, governance, and stakeholder incentives.
• Risk analysis: Development of a risk matrix to identify and assess the principal risks associated with each structuring option.

This engagement provided the client with a clear roadmap for the phased deployment of its reactor technology, supported by an aligned governance and incentive structure across all key stakeholders.